House prices still dropping

The fall in house prices is continuing. The cost of buying a house is falling. House prices fell over the last quarter due to a scarcity of buyers, according to research carried out by the Royal Institute of Chartered Surveyors (Rics). The poll, which questioned almost 300 estate agents, found that over half of the participants had recorded a drop in prices in their local area - just 4% saw a rise. Rics said: "New buyer enquiries dropped for the fifth consecutive month as the housing market slowed further during October. Respondents to the survey report that the market is generally cautious, with many buyers signalling that they are going to wait until the spring to make a decision".